Penske Automotive Group Inc Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Penske Automotive Group Inc stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Penske Automotive Group Inc stock price gained 1.42% on the last trading day (Friday, 26th Apr 2024), rising from $153.45 to $155.63. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.80% from a day low at $153.42 to a day high of $157.72. The price has risen in 7 of the last 10 days and is up by 3.75% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 44 thousand more shares were traded than the day before. In total, 215 thousand shares were bought and sold for approximately $33.52 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Penske Automotive Group Inc stock with a 90% probability to be traded between $148.79 and $165.03 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PAG Signals & Forecast
The Penske Automotive Group Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $151.27 and $153.82. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.53%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Penske Automotive Group Inc stock
Penske Automotive Group Inc finds support from accumulated volume at $149.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $4.30 (2.80%) between high and low. For the last week, the stock has had daily average volatility of 2.33%.
Since the Penske Automotive Group Inc has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $148.92 (-4.31%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (PAG) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Penske Automotive Group Inc to open at $155.59, and during the day (based on 14 day Average True Range), to move between $152.31 and $158.95, which gives a possible trading interval of +/-$3.32 (+/-2.13%) up or down from last closing price. If Penske Automotive Group Inc takes out the full calculated possible swing range there will be an estimated 4.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $155.79 (0.10%) than the support at $149.39 (4.01%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Penske Automotive Group Inc will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $3.35. We will update the financials statements for Penske Automotive Group Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.60% in the first trading day after earnings release.
Is Penske Automotive Group Inc stock A Buy?
Penske Automotive Group Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.314 Hold/Accumulate Downgraded
Predicted Opening Price for Penske Automotive Group Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $155.59 ( 0.0257%) | $155.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 159.89 | 2.74 % | |
| R2 | 158.25 | 1.68 % | ||
| R1 | 157.23 | 1.03 % | ||
| Current price: | 155.63 | |||
| Support | S1 | 153.95 | -1.08 % | |
| S2 | 152.93 | -1.73 % | ||
| S3 | 151.29 | -2.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 161.99 | 4.09 % | |
| R2 | 160.72 | 3.27 % | ||
| R1 | 155.79 | 0.103 % | ||
| Current price | 155.63 | |||
| Support | S1 | 149.39 | -4.01% | |
| S2 | 149.02 | -4.25% | ||
| S3 | 148.25 | -4.74% |
PAG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 17, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.87 | 0.563% |
| 2 | Oct 18, 2023 | Nov 09, 2023 | Dec 01, 2023 | $0.790 | 0.512% |
| 3 | Jul 19, 2023 | Aug 09, 2023 | Sep 01, 2023 | $0.720 | 0.433% |
| 4 | May 11, 2023 | May 19, 2023 | Jun 01, 2023 | $0.660 | 0.477% |
| 5 | Jan 25, 2023 | Feb 09, 2023 | Mar 01, 2023 | $0.610 | 0.422% |
FAQ
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